But given that many Americans thought that they deserved a $400,000 house with nothing down while earning a wage of $10 an hour, they were just as GREEDY as the bankers offering these loans, wouldn't you say? This is my take on it, anyway. As Newsweek magazine recently stated in a cover story, "The whole country has been complicit in a great fraud."
The results are quite striking: Nationwide, for those who purchased U.S. homes since the beginning of 2003, nearly one in three now have negative equity. Nearly half of buyers who purchased houses in 2006 are "underwater", which is the new term for owing more on the mortgage on your house than the house is worth on the real estate market.
Overall, one in six American homeowners owe more on their homes than the homes are worth. No more getting cash out of the equity of a house to live a life that people can't afford.
The question I posed to my friends was: Are these one in six, in fact, "homeowners" if they owe more on their homes than the homes are worth?
This was the response by my friend Todd Lorentz:
- Ernie,
- This is my take on it:
- Technically, if they don't own any equity then they're "house-sitters".
- The most commonly assumed home owner, then, is really the bank. However, the money that the bank lent was not real - they just made it up on paper and never actually had that amount in the first place to lend out. So the bank actually purchased the home through the people who are now the house-sitters, with money that didn't exist. If the money doesn't actually exist, then it is really not a true sale and the original home builder still technically owns it. But they didn't own it either if they also took out similar "fiat" loans to build it.
- So yes, indeed, who are the real owners?
- It appears that all of those "house-sitters" are living in in a nation that is filled with houses that nobody actually owns, or which have been acquired without using REAL currency to buy.
- Therefore, America is functioning more like a "commune" where everyone, after a little tricky paperwork, can stake out a claim on a place to sqaut.
- Yes, America is a nation of SQUATTERS and those house-sitters should be subject to the laws on squatting. If the orignal builders allowed them to "squat" there while knowingly accepting no REAL cash for it up front, then the house-sitters are actually squatters and
after a period of time the squatters can stake an ownership claim to it as their own. Then, that would make them full owners, free and clear, without spending a dime on it.
God Bless America!
Todd
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2 comments:
Hell0,
So, why should all of humanity be forced to suffer and struggle any longer, now that the entire global financial system has been exposed as a mind-boggling deception within many other deceptions? No one in their right mind would continue to be enslaved by a proven deception, which is also proven to be undeniable slavery-by-proxy !!!
The derivatives scams alone have grown to more than 10-times the entire global GDP (at last counting) and are now failing because the scam/pyramid scheme broke and exposed the deception for all to see. A significant portion of global wealth and power was created and propped-up using these and other now-proven smoke and mirrors and house of cards illusions and delusions.
These deceptions have grown many times larger than the rest of the entire world economy. Consequently, there is no way that all of the world's governments combined, who themselves borrow so-called "money" from other central-bank smoke and mirror deceptions, can solve this debacle, by using more smoke and mirrors money scams. The only solutions they are offering will take centuries to repay, if ever.
Here is Wisdom...
I read a similar article on another blog but personally I agree with you more, because this article makes a little bit more sense for me. Recently i came across a real estate company that offers to get cash for your house in 7 days. What do you think about it?
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